Global: Ethereum’s crypto-currency, Ether, is now worth US$1bn

Ethereum, a challenger to Bitcoin, is experiencing a surge of interest from users, developers, and the corporate world. With its ability to create binding financial agreements that can be enforced entirely by software, Ethereum can be used to create virtual organisations.

One such virtual organisation called the DAO has raised more than US$150m to finance more work on Ethereum-based technologies. Contributors to the DAO send the network’s currency, called Ether, to a specific DAO Ethereum web address and, in return, receive shares in the organisation. The DAO will therefore operate as a form of venture capital fund for the Ethereum community.

Once the fundraising phase is complete, every contributor will be able to vote on how the money will be spent.